IRENA calls for 7th cycle proposals

The International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) are calling for the 7th cycle of proposals for accessing funding for replicable, scalable and transformative renewable energy projects.

Addressing a group of delegates at the African Utility Week in Cape Town on Wednesday, Seleha Lockwood from IRENA highlighted the process for applicants. She explained that the application form is already open to work on online.

The process commences in mid-November 2018 with a deadline of mid-February 2019 for the first phase (executive project summary stage), she added.

The second phase (the full project proposal stage), will commence in May 2019 with a deadline of June 2019. The final decision will be announced at Abu Dhabi Sustainable Energy Week in December 2019.

Lockwood stressed that projects need to be economically and financially feasible pre-tender, procurement and execution.

ADFD funding

The ADFD funding offer includes $50 million per cycle; $5-15 million ADFD loans for each project, covering up to 50% of the project costs. The balance must be co-financed.

In addition, it includes 1% or 2% loan rate, 20-year loan period including a five-year grace period.

The renewable agency explains that projects submitted must be members of IRENA, Signatories of the Statute, or States in Accession, which are developing countries on the OECD “DAC List of ODA Recipients".

According to Adnan Z. Amin the IRENA Director-General, "the IRENA/ADFD Project Facility has identified path breaking renewable energy projects providing sustainable and affordable energy for those who need it most".

To find out more on how to get involved, visit the IRENA website where you can access information if you are an applicant, an expert, or a co-funding entity.